What’s Red up to?

It may not be as exciting as buying and selling the NBA Spurs or the NFL Vikings, but at a time when legions of Americans are watching their real estate equity evaporate, San Antonio billionaire Red McCombs announced today a major new real estate venture in partnership with Brady Oman and Hal Jones.

Oman, a developer of upscale private golf communities, and Jones, also a real estate developer, are the other principals in The Flagship Group, an integrated development company “specializing in exclusive, environmentally sensitive residential and hospitality experiences.”

It’s to be based in Austin and San Diego, Calif. The principals already have three projects on the drawing board, including a private golf resort at Lake LBJ, a seaside golf community near Rockport and a project to be announced this week.